Philippines Trade Deficit Narrows in May

In May of 2013, Philippines’ trade deficit decreased to USD 370 million, from USD 1020 million in the previous month and USD 454 million a year earlier, as year-on-year imports contracted more than exports.

In May of 2013, export earnings amounted to USD 4.89 billion, a 0.8 percent contraction from USD 4.93 billion recorded in the same month last year. Shipments of machinery and transport equipment, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, articles of apparel and clothing accessories, electronic products and metal components declined. In contrast, on a monthly basis, exports expanded by 18.7 percent

Shipments of electronic products (35.4 percent share of total exports) went down by 9.3 percent over a year earlier. On the other hand, month-on-month, exports of electronic products was up by 6.2 percent.

Shipments to China increased 2 percent over a year earlier, but it was not enough to offset a 13.3 percent decline in exports to Japan and 15 percent drop in shipments to the US.

Total imports went down by 2.4 percent to USD 5.26 billion in May of 2013 from USD 5.38 billion in May of 2012, due to an overall decrease in imports of cereals; transport equipment; electronic products; mineral fuels, lubricants; plastics and organic and inorganic chemicals. Imports of electronic products (24.3 percent of total imports) declined 10.6 percent year-on-year. On a monthly basis, imports expanded 2.3 percent.

Imports from China increased the most by 21.8 percent from last year’s figure. The increase was attributed to the purchases of mineral fuels, lubricants and related materials, electronic products and plastics in primary and non-primary forms.

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